MPs propose 20% cut in housing loan interest rates

TDT | Manama                                                      

The Daily Tribune – www.newsofbahrain.com

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Five MPs have submitted a proposal urging a 20% reduction in interest rates on housing loans.

The proposal, spearheaded by MP Eman Shuwaiter and co-signed by MPs Zainab Abdulameer, Mahdi Al Shuwaikh, and Ahmed Qarata, aims to alleviate the financial burden on citizens seeking home loans.

The MPs argue that the current interest rates imposed by local banks are excessively high, reaching approximately 50% of the loan amount in some cases.

This significantly increases the financial strain on citizens trying to secure housing. The proposed reduction, they contend, would constitute crucial government support for housing services and contribute to improving the overall quality of services provided.

The proposal highlights the need for government intervention to make homeownership more accessible and affordable for Bahraini citizens. The MPs believe that lowering interest rates will significantly increase the affordability of housing and contribute to a more stable and prosperous housing market.

The proposal’s success will depend on its reception by the Bahraini parliament and the government’s response to the MPs’ concerns.